(1) Subsection (2) applies in relation to a retail CCIV for the purpose of determining whether:
(a) there is a liability to the CCIV or the CCIV's members; or
(b) the corporate director has properly performed its duties for the purposes of section 1224N.
Note: A CCIV's constitution may provide for the corporate director to be indemnified for liabilities--see section 1224N.
Extended liability for acts of agents
(a) the corporate director appoints an agent, or otherwise engages a person, under section 1224L; or
(b) an agent or person is taken under subsection 1224L(2) (about sub-agents) to be an agent of the corporate director;
the corporate director is taken to have done (or failed to do) anything that the agent or person has done (or failed to do) because of the appointment or engagement, even if the person or agent was acting fraudulently or outside the scope of the authority or engagement.
Note: This subsection does not apply to receivers: see section 1236F.